The Firm’s 2020 Strategy saw a shift of focus in the clients and matters we targeted.

The ambition was to work on even more high-profile, complex matters with global clients.

Part of this priority involved setting the target to build 100 client relationships exceeding US$5 million in annual revenue and to work on 500 matters worth US$1 million+ each annually by the end of the 2020 Strategy period.

Executive Committee member and Chair of the Firm’s Clients and Industries team Don Baker explains: “Our rationale was to play to the Firm’s strengths by working on an increasing volume of complex cross-border matters for our global clients.

“Being truly international is what differentiates us from our rivals, so we wanted that to be better reflected in the matters and clients we work with.”

The Firm did very well against its targets, nearly doubling its number of US$5 million+ clients from 52 to 93 over five years. The percentage of the Firm’s revenue generated from US$5 million+ clients also grew (from 41 percent to 47 percent).

Don says: “While there’s always room to achieve more, we’ve made significant progress over the past five years and have succeeded in strengthening our relationships with many of our biggest and most important clients.”

Some of the reasons behind this growth include a refresh of our Key Client Program to focus on fewer strategic clients and to categorize these clients in three distinct groups covering established clients, development opportunities, and well-placed bets with potential to expand.

Don says: “Reducing the number of clients on the program allowed us to really focus on those that were excellent fits for our 2020 Strategy. In addition, splitting the program into three groups is recognition that the various stages of a client relationship need to be approached in different ways when it comes to expansion.

“It was about a change of mindset. We wanted to create a Key Client Program that acted as an incubator for client relationships.”

As well as focusing on key clients, the Firm also adapted its pricing to ensure better consistency across offices and practices.

Other factors included improved cross-selling, targeted recruitment and promotion, a focus on client feedback and the introduction of collaborative technology across the Firm, while strategic secondments, focused on specific clients and industry groups, have also proved their worth.

Don adds: “Our decision to focus on industry expertise through our industry groups also made a big difference, because our clients expect and demand us to have a deep understanding of their business.

“Overall, everything we’ve done has been about helping the Firm maximize the effectiveness of collaboration between practices, industries and offices.”

A prime example of this collaboration in action is our growing relationship with social media giant Facebook.

“Our work with Facebook is emblematic of what we set out to achieve in the 2020 Strategy,” says Don. “It showcases our ability to assemble top-quality teams to service increasingly complex matters across multiple practices and jurisdictions.”

Looking back at the progress made over the past five years, Don is keen to recognize the incredible teamwork that has made it possible.

He says: “It’s no exaggeration to say that every area of the Firm has played a part, be it on the legal side or through functions such as marketing, people/recruitment, pricing, diversity and inclusion, and technology.

“For instance, to attract, retain and grow our client relationships, we need to attract and retain the best people, so progress towards our people and diversity and inclusion goals has been vital.

“It’s a great example of how everything the Firm does contributes to our wider success.”

Looking ahead, Don is confident the Firm is well placed to thrive despite the uncertain market conditions caused by the global pandemic.

He says: “The achievements we’ve made over the past five years will continue to be critical to our future success.

“The matters we win and the clients we work with will only increase in their complexity, so a firm that has cross-border expertise embedded in its DNA is positioned to do well.

“Compared with 2015, I think we’ve developed a culture where people increasingly understand what the Firm can offer and look for opportunities beyond their own offices and practices.

“I’m excited about what comes next. We’ve made great progress, and we’ll keep striving to do even better.”